Creating an entrepreneurial society from nothing is not an easy task. Of course the idea of ‘an entrepreneurial society’ as separate from general business is slightly misleading. Everywhere in the world ambitious people strike out on their own by opening shops, starting businesses or becoming sole traders.

But the development of an entrepreneurial society focused on a start-up scene is a different variation. The creation of tech-hubs, cultural interest in entrepreneurs and government-backed initiatives for innovative new businesses are all indications of a more advanced start-up culture – something that many countries crave.

Throughout Latin America, a concerted effort to create this kind of start-up culture is still a relatively new phenomenon. Endeavor Global, a private entrepreneurial initiative, has been attempting to lay the groundwork for this. It has gathered business leaders together from throughout Latin America to form a support network. This support network helps businesses to grow and then turnaround and offer that help and support to new entrepreneurs beginning their own start-ups.

Endeavor’s real big success in Latin America was Mercado Libre – a website that forms the South American equivalent of eBay. From Mercado Libre a whole range of entrepreneurial support networks sprung up – including Kaszek, a Latin American Venture Capital (VC) fund.

Between Kazek and Endeavor’s network, two of the biggest concerns facing entrepreneurship in Latin America – finance and a lack of mentorship – were somewhat addressed.

This has resulted in more successful businesses – including those aimed at Latin America’s growing, prosperous, and increasingly internet savvy, middle-class – as well as companies with products aimed lower down the wealth pyramid.

For example, PedidosYa, a multi-national online food delivery service, Restorando a multi-national online restaurant reservation service and Buscalibre, a Chilean online book retailer all fit into niches that cater to Latin America’s middle-class by providing easier ways to access services for busy, working consumers.

Service companies providing new methods for online payments are also spreading. “Internet use is expected to grow by around 50% over the next five years but access to international credit cards – the kind required for online transactions – is nowhere near that,” says David Wachtel, senior vice president for marketing, communications and partnerships at Endeavor Global. “This means that some very interesting online payment platforms are emerging to cater to this.”

Other companies have eked out a niche by catering to Latin America’s poorer consumers. For example Barared is a Mexican firm that offers low-cost internet access through kiosks placed in shops and other public areas. The company charges a minimal connection fee for users but can add other revenue streams through the sale of priority access or prominent positioning to companies anxious to reach a new untapped market. “The kiosks connect tens of thousands of

As Latin American entrepreneurship continues to grow, it will feed into its own success. More successful entrepreneurs means more inspirational stories and more potential mentors. Financing will continue to be a problem. Crowd-funding continues to provide a potential alternative for initial seed as well as secondary-level funding.

For some lucky companies, VC funding sourced from a wide network of international investors will also be available. Many of those companies will also receive secondary benefits as well. VCs will be able to provide expertise, mentorship and additional business services, says Nicolás Szekasy, partner at Kaszek. “Board members can help them with funding, recruiting, international expansion. They’re hands-on and available and see themselves as a resource more than anything else,” he says.